Grubb & Ellis Reports Net Loss in the First Quarter

Grubb & Ellis (OTC: GBEL) reported a $3.7 million net loss for the first quarter of 2004. The Northbrook, Ill.-based real estate services firm posted a net loss of $16.1 million, or $1.06 per common share, for the same period in 2003.

The $3.7 million net loss included $181,000 worth of special charges chiefly related to office closure costs during the six months ended Dec. 31, 2003. During the first quarter of 2004, Grubb & Ellis incurred a $2.4 million charge related to the sale of the Wadley-Donovan Group due to the write-off of unamortized goodwill posted when the Wadley-Donovan Group was acquired in February 2002.

Shares of Grubb & Ellis have traded between $0.80 and $1.55 per share over the past year.